After months of declines and claims that Ethereum is 'dead', the cryptocurrency demonstrates signs of recovery.
Reclaiming the Range
Analysts are reporting critical technical developments indicating that Ethereum is re-entering a long-standing trading range that previously defined its price action for 2023–2024. After a brief dip below this range that triggered panic among investors, ETH has now reclaimed its spot within this framework. The chart also shows a bullish MACD cross on the weekly timeframe, further supporting a shift in momentum.
Resistance and Support
According to the chart, ETH is currently trading around $2,600 and is facing a key resistance zone between $2,600 and $2,800. This level must be cleared to confirm a new high for the year. If ETH fails to break out, the chart outlines a higher timeframe support zone between $2,111 and $2,233, which could serve as a strong base for accumulation.
Conclusion
Ethereum's recent move has silenced some doubters, but the coming weeks will be crucial for the asset. If bulls can push ETH convincingly above $2,800, analysts may begin targeting the $3,000–$3,500 range next. Until then, the market remains at a critical inflection point with both upside opportunity and downside risk in play.
The current situation with Ethereum emphasizes the importance of monitoring key price levels that could determine the future direction of the asset.
